Fastned B.V. (FAST.AS) : juste valeur

Thèse ACCE

Fastned operates a network of fast-charging stations for electric cars across the Netherlands, Germany, the UK, France, Belgium and Switzerland, earning revenue from charging sessions and its own stations rather than from vehicle sales. The moat is mostly in site access and scale: the company has built a dense network of high-power hubs that are hard to replicate quickly, and its 79.3% gross margin reflects how the charging business behaves once a site is operating. Revenue growth of 44.6% shows the network is still expanding faster than the broader market, though the 5.5% operating margin and negative 27.0% ROE show the economics are not yet fully proven at the bottom line. The key question for the next stage is whether utilisation at newer sites keeps climbing fast enough to turn that growth into sustained profit. At a market cap of about 1.3B EUR, the stock is worth a deeper look for investors who want exposure to European EV charging infrastructure and can underwrite a long payback period.